Chakratec has secured an additional $4.4m of funding from Israeli iArgento Group and Singapore’s Goldbell to advance the development of charging technology for electric vehicles (EV).

The company has already raised $3.2m through previous funding rounds.

With the new funding, Chakratec intends to carry out the initial three pilot projects in Europe, which will facilitate the process to procure first orders at the end of this year.

Chakratec CEO Ilan Ben-David said: “Chakratec has developed an innovative EV charging technology that obviates the need for upgrading the power grid, enabling rapid deployment of fast EV charging systems.

“The company said that these new batteries offer a high-power energy supply enabling a large number of charge and discharge cycles during a 20-year lifetime.”

“The company is currently conducting pilot projects with three global energy providers that see our technology as the solution for reduced EV charging times, and a facilitator for global market penetration by electric vehicles.”

Established in 2013, Chakratec has utilised a flywheel concept to develop new energy storage technology powered by kinetic batteries.

The company said that these new batteries offer a high-power energy supply enabling a large number of charge and discharge cycles during a 20-year lifetime.

Kinetic batteries will enable fast EV charging stations to be installed anywhere with low operating costs eliminating the need to deploy a high-power electricity connection.

When a vehicle enters these charging station, the kinetic batteries will transfer the energy swiftly to the EV and then fill up again.

The system does not allow the usage of chemical batteries due to the involvement of high power and number of cycles.